IBU-Tec secures another major customer for LFP materials
IBU-Tec Advanced Materials has won another customer for its LFP battery material. It signed a contract with an unnamed “renowned global automotive group for the development and production of battery material for electromobility”.
Following the development phase, IBU-Tec will also produce “significant quantities” of the material at its Weimar site as early as the second half of 2023, according to the company’s own statement. All other details fall under the confidentiality clause the companies agreed on.
It is customary that supplier do not mention the names of their customers. But when IBU-Tec secured a development order from the commercial vehicle industry last November, it at least stated that the existing lithium iron phosphate products of the “IBUvolt” family would form the basis for the development order. But even those details are kept under wraps this time. IBU-Tec only mentions that it is “a novel LFP cathode material for passenger cars with electric drive.”
Since the statement does not mention the origin of this new customer either, it isn’t easy to draw any conclusions about its identity. What is known is that among German carmakers, the Volkswagen Group, in particular, is pushing ahead with LFP battery technology for its small EV generation due in 2025. The production version of the VW ID.2, Curpa Raval, a small VW SUV, and its Skoda offshoot will reportedly rely on a roughly 40 kWh LFP battery, at least in the base version, to achieve the targeted entry-level price of under 25,000 euros (for the ID.2).
IBU-Tec instead emphasizes the economic significance of the order for the company. It represents “another important step for IBU-tec towards its 2025 sales target, to which battery materials are expected to make a significant contribution.” As reported, IBU-Tec Advanced Materials AG founded IBUvolt Battery Materials GmbH in mid-March to reflect the increasing importance of the battery materials business.
“Our strategy is to use our many years of experience in the field of battery materials, and as the only European manufacturer of LFP materials, to directly address the globally active corporations and win them as customers. The strategy is working – both for passenger cars and commercial vehicles,” says Ulrich Weitz, IBU-Tec Advanced Materials AG. “The major players in the global automotive industry obviously rely on IBU-tec’s expertise, innovative strength and production quality. The contract now signed is an important step, but only the beginning of a development that will magnify our battery material sales and secure IBU-tec’s sustainable prosperity.”
As reported, Weitz will give up his position as CEO of the stock corporation at the Annual General Meeting on 26 April 2023 and be appointed to the Supervisory Board. In terms of operations, he should then be able to focus fully on his role as managing director of the new IBUvolt Battery Materials GmbH. There could be further announcements there soon: “We are currently in numerous discussions with other potential partners,” says Weitz.